Building & Construction: Charting the Way

Research evidence excerpt

Building & Construction: Charting the Way

EUROPE | Building, Construction &

Housebuilders EquityJulyResearch15, 2026

Building & Construction: Charting the Way RATING

UK HOUSEBUILDERS

This report seeks to provide a comprehensive summary of construction Barratt Redrow Hold

Bellway Buy

demand drivers across the range of end markets for the 20 most important Berkeley Group Buy

countries across our coverage universe. Published monthly, it shows recent Crest Nicholson Buy

Persimmon Buy

trends and across-the-cycle context to provide insight into future earnings Taylor Wimpey Buy

releases but also longer-term cyclical and structural positioning. Vistry Group Hold

PAN EURO BUILDING PRODUCTS

Amrize Hold

France - Sentiment difficult, but resi momentum persists. While construction PMI and Buzzi Hold•

INSEE data fell deeper into negative territory in June, expectations were more mixed. CRH Buy

Forterra Buy INSEE data showed negative expectations abating, but construction PMI saw pessimism

Geberit Buy

in activity outlook increasing. Resi data was markedly more positive, with housing starts Genuit Buy

almost +60% YoY in May and resi permits +14% YoY. Cement PPI, meanwhile, showed Heidelberg Materials Buy

signs of increased momentum in May, up 1.7% MoM. Holcim Hold

Germany - Some signs of downturn abating. Despite more negative heavyside company Ibstock Buy• Kingspan Hold

commentary, construction PMI and Ifo both became slightly less negative in June; and Saint-Gobain Buy

while expectations are still negative, pessimism in expected activity abated. Construction Sika Buy

price expectations for the next 3 months fell again in June, now at similar levels to what Volution Buy

was seen pre-war. PAN EURO DISTRIBUTORS

UK - Outlook improves; however, current activity softens.